Rounding a card isn’t easy, and neither is seizing an opportunity for achievement
I’ve never thought that opportunities are easy to grasp. Every opportunity is hard to seize because you need to have the right cards in hand.
If you don’t have anything, you’re playing a losing game.
First, you need to have cards; second, you need to be able to eat or pong the cards played by others; third, the timing must be right. It’s no use having been able to eat or pong before.
You’ve been listening, waiting all along for the one-character bird, but it never comes, no matter how long you wait. Losing confidence, you change your hand and switch to listening for the west wind.
But nobody throws out the west wind. At that moment, the last one-character bird is thrown out.
That was your chance, and you missed it perfectly. Very normal. If you can’t even accept this kind of normality, you’d better quit playing cards.
As for China:
Could we be content with always being stuck in low-end manufacturing? At the same time, could the U.S. possibly support and encourage us to develop high-end industries?
The answer is no. We are not content, and they are not willing.
So the conclusion is yes. We will definitely promote the development of the industries and sectors we need through encouragement using the capital market. These will definitely have high valuations. High valuation means that, in normal times, you’re not that valuable, but the capital market (guided by the state) gives you a high premium.
Wealth comes from high premiums. You have a vase that should normally sell for 50,000, but the market is running hot, the auctioneer calls it out at 5 million, and people keep bidding. In order to encourage this type of enterprise, the capital market assigns a high valuation. As an insider, you make money.